Platforms, Superannuation

FUA rise, technology updates for BT Panorama

BT Financial Group (BTFG) has announced its funds under administration (FUA) have risen by 65 per cent since November 2017 to reach $13 billion.

Specifically, SMSF FUA has continued to grow on BT Panorama, which now has more than $5 billion in SMSF assets, BTFG said.

This is up from $4.93 billion as reported in early November.

BT head of Panorama product development Anil Sagaram told selfmanagedsuper: “Interest in the SMSF offer continues to grow with strong interest in our managed accounts solutions and direct equities on the platform”.

BT Panorama generated rolling annual net flows of $4.9 billion to June 2018, while registered advisers increased to 4960.

Registered client accounts increased by 91 per cent to 31,107 in the past year, with SMSFs comprising more than 23 per cent of accounts on the platform.

BTFG also announced further enhancements to its BT Panorama platform, including mobile digital consent for corporate actions, digitally enabled record of advice (ROA) generation, and enhanced reporting to help advisers deliver timely and compliant advice to clients.

Advisers can now generate a digital ROA that automatically pre-populates with client and transaction information and which is securely stored on BT Panorama.

BTFG said this can reduce potential errors caused by rekeying client information.

The ROA and digital consent requests can be created in bulk for corporate actions, reducing the risk of mistakes.

The client approval and the ROA are both securely stored on BT Panorama, providing an online compliance record.

“The ability to create a ROA and consent on mobile can make servicing SMSF clients more efficient as these clients tend to have a higher weighting to direct shares,” Sagaram said.

“For advisers with SMSF clients that may want to take more control of their retirement savings, the ability to capture client approvals digitally can help to deliver a more efficient service.”

The technological enhancements follow the rollout of digital consent capability for bank account establishment and trading in July. The features are also available via the platform’s mobile app.

Reporting functionality has also been enhanced with improvements to client investment holding reports, summary views, cash statements, asset allocation and performance reporting.

The 2018 Investment Trends “Planner Technology Report” showed advisers are changing how they use technology in their practices, and digital client engagement will be the standard for the next generation of advisers.

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